Oil futures slip ahead of closely watched OPEC meeting

Oil futures drifted lower Monday after the deadline for talks over Iran’s nuclear programs was extended and investors debated whether the Organization of the Petroleum Exporting Countries will move to alleviate a global supply glut by cutting production.

Light, sweet crude for January delivery CLF5, +0.04%  fell 73 cents, or 1%, to settle at $75.78 a barrel on the New York Mercantile Exchange. That put a stop to a two-session winning streak.

Gold may see ‘decent recovery’ to $1,400

Gold futures wavered around the break-even mark Monday, largely holding on to Friday’s gains that were sparked by central-bank news from China and Europe. Despite gold’s lackluster moves over the past several months, at least one analyst speculated that the yellow precious metal may recover to $1,400 an ounce by 2016.

December gold futures GCZ4, +0.03%   were last up 20 cents, or less than 0.1%, to $1,197.90 an ounce, while December silver SIZ4, +0.64%   edged up a penny, also less than 0.1%, to $16.41 an ounce.

Current Market Update

Here are the latest trading levels for Asia's major stock markets: 

Tokyo (Nikkei Average) up 0.2% 

 Hong Kong (Hang Seng Index) down 0.1% 

 Shanghai (Shanghai Composite Index) up 0.7% 

 Sydney (S&P/ASX 200) down 0.7% 

 Seoul (Kospi) down 0.1% 
 Taipei (Taiex) up 0.2%

Asian Market Update

Asian markets were mixed on profit-taking Tuesday after a Chinese rate cut fuelled a rally in the previous session, while Tokyo played catch-up following a long weekend.

The euro was treading water after getting a lift on Monday from data showing German business confidence rose in November for the first time in seven months.

Tokyo rose 0.34 per cent after a long weekend, while Seoul was flat and Sydney lost 0.76 per cent. Hong Kong slipped 0.27 per cent and Shanghai added 0.24 per cent.

Traders largely took their foot off the pedal after Monday's surge that came on the back of China's surprise decision last week to slash interest rates for the first time in two years in a bid to kickstart growth in the Asian economic powerhouse.

KLSE Malaysia Opening Market Update

MALAYSIA share prices opened lower on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 1.79 points to 1833.49.

Volume was 54.6 million lots worth RM20.2 million.